Latest State Farm Headlines
All the headlines from our State Farm Topic Page, ordered by recency.
S&P Affirms State Farm Ratings, But Revises Outlook to Negative
Mar 4 2009 // Standard & Poor’s Ratings Services has affirmed its ‘AA’ counterparty credit and financial strength ratings on State Farm Mutual Automobile Insurance Co. and all of its core companies, including...
State Farm: $6.3B P/C Underwriting Loss, $2.1B Operating Loss in 2008
Feb 27 2009 // The net worth for the State Farm group decreased in 2008 by $10.4 billion to end the year at $53.3 billion, the company reported. The primary reason for the decrease was the $9.2 billion decline in the value of the...
Returning Florida Lawmakers’ Agenda Includes Property Insurance Woes
Feb 23 2009 // Florida Gov. Charlie Crist’s political mantra has been to hold down property insurance rates, taxes and almost anything else costly for people he wants voting for him next year. Whether Crist seeks re-election or Mel...
Attitude Adjustment
Feb 22 2009 // The tiff between State Farm Florida and the Office of Insurance Regulation that has culminated in the insurer’s withdrawal from the state’s property market is disturbing. It’s not disturbing because an...
Declarations
Feb 22 2009 // Devastating “From what I saw today, it was incredible, and we only saw a very small portion today. If you extrapolate that over the entire geographic area that is impacted by Kentucky, it’s a devastating...
Florida Attaches Major Conditions to State Farm Withdrawal
Feb 22 2009 // Florida Insurance Commissioner Kevin McCarty has offered his own plan for State Farm Florida Insurance Co.’s withdrawal from the state that includes conditions not in the insurers’ own plan. McCarty wants State...
FSLA Leader Sees Soft Market Opportunities in State Farm Exit, Med Mal, EPLI
Feb 22 2009 // The Florida surplus lines industry may be challenged right now by regulatory uncertainty stemming from the Essex and CNL Hotels rulings but it is not letting that blind it to opportunities. One opportunity is the pending...
Allstate, State Farm Dismissed from Case Charging Katrina Overbilling
Feb 20 2009 // A federal appeals court upheld the dismissal of Allstate Corp. and State Farm Fire and Casualty Co. from a lawsuit accusing them of overbilling the U.S. government for flood damage in Louisiana related to the 2005 storm...
Northern Capital Looking to Write State Farm Florida Insureds
Feb 20 2009 // Northern Capital Insurance Group, a Florida-based homeowners, commercial and auto insurance provider, said it is prepared to insure 50,000 State Farm Florida customers as that insurer withdraws from the state’s...
Florida’s Peninsula Insurance Ready to Write State Farm Policies
Feb 18 2009 // Florida Peninsula Insurance Co., a Boca Raton-based domestic insurer writing homeowners, condo and renters policies statewide, said it is prepared to insure up to 100,000 State Farm Florida customers as that insurer...
Florida Rejects State Farm Withdrawal Plan; Requires Major Conditions on Citizens, Agents
Feb 13 2009 // Florida Insurance Commissioner Kevin McCarty has offered a withdrawal plan for State Farm Florida Insurance Co. and its parent company with major conditions that were not in the original plan submitted by the insurer. In...
Florida Home-Grown Insurer Says It’s Ready for 30,000 State Farm Policies
Feb 6 2009 // After State Farm announced it would be leaving behind 1.2 million property policyholders within the next two years, state officials expressed confidence that the private insurance market, including a number of relatively...
Florida Lawmakers Question State Farm on Why It’s Leaving
Feb 5 2009 // State Farm Florida has lost hundreds of millions of dollars in the state in the last decade and risks insolvency if it continues writing property insurance here, company executives told a legislative committee this...
State Farm Rejects Call to Let Florida Agents Represent Other Insurers
Feb 4 2009 // Florida Chief Financial Officer Alex Sink is urging State Farm Florida to “immediately” let its agents do business with other insurance companies for their more than one million policyholders now that State...
<em>AP</em> Analysis: Florida Insurance Bind Overshadows Louisiana
Feb 3 2009 // Louisiana homeowners stunned by their rising insurance rates should remember that it could be worse. They could live in Florida. State Farm announced recently that it will stop doing business in Florida, the first big firm...
State Farm to Sell Renters Insurance in Mississippi, But Not Homeowners
Jan 30 2009 // State Farm says it will resume selling renters insurance in parts of Mississippi away from the Gulf Coast. Company spokesman David Majors said that State Farm will still not selling new homeowners policies anywhere in the...
Ratings Recap II: Chaucer, MSIG, Congregational, Top Layer, Asia Capital
Jan 30 2009 // Standard & Poor’s Ratings Services has issued a bulletin indicating that “its ‘3’ Lloyd’s Syndicate Assessment (LSA) on Chaucer – Syndicate 1084 is not affected by the announcement...
State Farm Staying in Alabama
Jan 30 2009 // State Farm’s withdrawal from Florida’s property insurance market hasn’t changed its Alabama coastal coverage. State Farm spokesman David Majors said the company will resume offering wind coverage in small...
Florida Subpoenas State Farm Policyholder Data for Withdrawal Plan
Jan 30 2009 // Florida Insurance Commissioner Kevin McCarty has issued a subpoena to State Farm Florida Insurance Co. requesting detailed information about the company’s Florida property insurance policyholders. The request comes...
State Farm Pulling Out of Florida Property Insurance Market
Jan 27 2009 // Florida is losing its largest property insurance company. State Farm Florida Insurance announced today it is beginning the process that will allow it to non-renew policies and halt all sales of homeowners or other...
